Blueprint to success
Blueprint Healthcare Real Estate Advisors has been on sort of a roll lately. We are only a third of the way through March, and already the firm has announced six transactions worth over $69 million. That includes both assisted living and skilled nursing too. The two most recent transactions, announced during NIC, jumped coast to coast. First, in Chicopee, Massachusetts, Steve Thomes and Tim Cobb teamed up to sell a 68-bed skilled nursing facility that had been owned and operated by a local provider since 1989. At the time of the sale, the facility was 92% occupied with a 20% quality mix. An experienced regional operator looking to grow its presence in the state was the buyer and paid $3.85... Read More »Platinum does it again
A few weeks ago, we wrote of a turnaround sale by Platinum Health Care, which after two years of ownership sold a 114-unit assisted living/memory care community in Peoria, Arizona for more than double its original investment. Now, the owner/operator is selling two more of its non-core assets that it purchased in February 2014, for a pretty profit. First up, in Fort Myers, Florida, Platinum sold a 74-unit assisted living/memory care community for $5.65 million, or $76,000 per unit and 71% higher than the $3.3 million the company paid in 2014. A joint venture between a publicly traded REIT and a regional operator was the buyer, and Trent Gherardini and Ben Firestone of Blueprint Healthcare... Read More »
Platinum turnaround
Just two years after acquiring a 114-unit assisted living/memory care community in Peoria, Arizona (Phoenix MSA), Platinum Health Care decided to sell, more than doubling its value in the process. Back in February 2014, the Skokie, Illinois-based owner/operator bought the 30-year old community when it was just 64% occupied, and losing money to boot. But pro forma revenues and EBITDA, assuming 83% occupancy, were projected to grow to $2.6 million (from $1.8 million) and $625,000, respectively. Currently, the occupancy is at 77% and EBITDA is postive (though not $625,000), but both are trending upwards. Now, looking to strategically divest some non-core assets, Platinum decided to sell the... Read More »
Blueprint for 2016
Making a splash so far in 2016, Blueprint Healthcare Real Estate Advisors recently announced five end-of-year closings, including two leases. First (and the largest) was the sale of a 206-unit independent/assisted living community in O’Fallon, Missouri to CNL Healthcare Properties for $54 million, or $262,100 per unit. Originally built 10 years ago with 116 IL units and 40 AL units, the seller, a joint venture between AEW and First Capitol Group, after purchasing the community in 2011 for $26 million, invested nearly $10 million to add a new 50-unit AL building and to convert 22 AL units to 24 memory care units. The MC units were fully leased by closing, but the community historically has... Read More »Schedule a demo
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